Asked by Elijah Dotson on May 14, 2024
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A market structure in which there is one large firm that has a major share of the market and many smaller firms supplying the remainder of the market is called:
A) the Stackelberg Model.
B) the kinked demand curve model.
C) the dominant firm model.
D) the Cournot model.
E) the Bertrand model.
Dominant Firm Model
A market structure where one large firm controls the majority of the market share, influencing prices and output levels while smaller firms act as price takers.
Market Structure
Refers to the organization and characteristics of a market, including the degree of competition, number of firms, and the distribution of market shares.
Large Firm
A business entity characterized by a large scale of operations, potentially including extensive product lines, significant market share, or substantial workforce.
- Identify different market structures, including the dominant firm model and the kinked demand curve model.
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Learning Objectives
- Identify different market structures, including the dominant firm model and the kinked demand curve model.
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